In-camera Council meeting released decisions and reports
June 28, 2016

Lease Renewal of City-owned Property located at #300 - 150 Water Street to Colcanada Trading Corporation

THAT Council authorize the Director of Real Estate Services to negotiate and execute a lease renewal (the “Lease”) with Colcanada Trading Corporation (DBA: Inlingua Vancouver) (the “Tenant”) for that portion of the City-owned building situated at 150 Water Street comprising Suite 300 (the “Premises”), as shown on Appendix A to the Administrative Report dated June 2, 2016, entitled “Lease Renewal of City-owned Property located at #300 - 150 Water Street to Colcanada Trading Corporation” and legally described as PID: 025-244-761, Lot J Block 5, Old Granville Townsite, Plan LMP52319 on the following terms and conditions:

Term: Five (5) years commencing as of October 1, 2016.

Area: Rentable area of approximately 9,201 square feet.

Total Rent: Year 1:s.17(1) per annum (s.17(1) per square foot) plus applicable GST;
Year 2: s.17(1) per annum (s.17(1) per square foot) plus applicable GST;
Year 3: s.17(1) per annum (s.17(1) per square foot) plus applicable GST;
Year 4: s.17(1) per annum (s.17(1) per square foot) plus applicable GST;
Year 5: s.17(1) per annum (s.17(1)per square foot) plus applicable GST.
Rent is inclusive of building insurance, operating costs and utilities.

Taxes: No taxes are collected as the property is exempt.

Use: Office and classrooms for English as Second Language Centre.

Option to Renew: One (1) option to renew for a further term of five (5) years on the same terms and conditions, except for total rent which shall be at the then market rates.

Improvement Allowance: The City will provide renovation assistance for the Tenant to improve the Premises in the form of free rent, up to a maximum of two (2) month’s total rent.

Other Terms and Conditions: The Lease is to be provided on the City’s current standard form of lease for commercial tenants. Terms and conditions of the Lease are to be drawn to the satisfaction of the Directors of Legal and Real Estate Services, it being noted that no legal right or obligation shall arise until the Lease is fully executed by both parties.

All rents to be credited to the Property Endowment Fund (PEF).

The Administrative Report dated June 2, 2016, refers

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